Hello everyone,I'm currently facing challenges in identifying and establishing my buy box criteria.

Eliminate debt, establish a budget, and save.

So no Board, nothing to manage except State law...the organization docs for the HOA should have identified when the developer maintained control, the terms for it to be turned over and at turnover you would establish a legislative body which would be the Board...

We use rentometer.com and knowledge of the market to establish what we feel we could get for rents. - Next we run the numbers on cost. 

Does anyone have a "program" or formula to use to establish a reasonable list price based on current income and expenses.

Sounds like you've started your research on OOS investing, but the single best piece of advice I can give you is to establish a trusted investor-friendly agent who will be your boots on the ground once you decide which market you want to target.

Its really a gamble that you have to be prepared for. 

The fact that this sponsor used investor money to gamble on high yield unsecured notes leaves a bad taste in my mouth.  

Overall they do present themselves as quite successful, established with experience and connections.Mentorship is listed.

This establishes the legitimacy of the arrangement and protects against audit risks.